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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 11. Income Taxes The components of the income tax provision for the three and six months ended June 30, 2024 and 2023 are as follows:
|  |  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  |  | June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
|  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Current: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  |  | 17,184 |  |  |  | 16,537 |  |  |  | 35,277 |  |  |  | 31,719 |
|  |  |  | 17,184 |  |  |  | 16,537 |  |  |  | 35,277 |  |  |  | 31,719 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  | 565,552 |  |  |  | 357,776 |  |  |  | 368,178 |  |  |  | 97,824 |
State |  |  |  | 31,226 |  |  |  | 14,239 |  |  |  | 149,907 |  |  |  | 145,469 |
Subtotals |  |  |  | 596,778 |  |  |  | 372,015 |  |  |  | 518,085 |  |  |  | 243,293 |
Change in deferred tax valuation allowance |  |  |  | (596,778 | ) |  |  | (372,015 | ) |  |  | (518,085 | ) |  |  | (243,293 | )
|  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income tax provision |  |  | $ | 17,184 |  |  | $ | 16,537 |  |  | $ | 35,277 |  |  | $ | 31,719 |
|  |  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
|  |  | June 30, 2024 |  |  | June 30, 2023 |  |  | June 30, 2024 |  |  | June 30, 2023 |
|  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Statutory federal income tax provision |  |  | $ | 1,043,231 |  |  | $ | 1,107,584 |  |  | $ | 1,324,823 |  |  | $ | 1,402,150 |
Federal tax impact of REIT election |  |  |  | (259,448 | ) |  |  | (539,100 | ) |  |  | (530,293 | ) |  |  | (842,886 | )
Federal impact of PPP loan forgiveness |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (56,470 | )
State income tax benefit, net of federal provision (benefit) |  |  |  | (169,821 | ) |  |  | (179,932 | ) |  |  | (241,168 | ) |  |  | (227,782 | )
Change in valuation allowance |  |  |  | (596,778 | ) |  |  | (372,015 | ) |  |  | (518,085 | ) |  |  | (243,293 | )
Income tax (benefit) provision |  |  | $ | 17,184 |  |  | $ | 16,537 |  |  | $ | 35,277 |  |  | $ | 31,719 |

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